San Diego’s Cubic Corp. bulked up its military training business by acquiring the assets of NEK Special Programs Group, which provides tactical and operational training to special forces.

Cubic paid $52 million in cash for the NEK unit, which is based in Fayetteville, N.C. and Colorado Springs. It acquired the division from NEK Advanced Securities Group and will operate it as a wholly owned subsidiary of Cubic. Its 200 trainers will become Cubic employees.

Meanwhile, Cubic reported financial results for its fiscal year ended Sept. 30 that were stronger than the prior year. But the company cautioned that possible defense spending cuts and the timing of some of its transportation contracts could make 2013 a “transition” year.

With the NEK Special Programs acquisition, Cubic become a top provider of training for special forces, said Jay Thomas, Cubic’s senior vice president of finance and corporate development. The purchase also puts Cubic in a position to benefit from an expected tactical shift by the Pentagon toward using more special forces operations as overall military spending declines.

“We’re continuing to look for consolidation opportunities in defense and looking for growth opportunities in the business,” Thomas said.

Cubic already dominates the market for live training systems for military ground forces and pilots, both in the U.S. and globally. For pilots, Cubic provides wing-tip sensors that track and evaluate performance during air combat exercises. For ground forces, it uses rifle mounted lasers and other technology to simulate battles and provide analysis after the exercise.

Cubic fiscal fourth quarter and full year financial results for 2012 beat the prior year’s performance. For its fourth quarter, the company posted sales of $360 million and net income of $21 million, or 79 cents a share.

That compares with sales of $343 million and earnings of $14.6 million, or 55 cents a share, for the same quarter last year.

For its full fiscal year, Cubic said sales rose 7 percent to $1.38 billion and earnings came in at $91.9 million, or $3.44 per share -- up from $83.6 million, or $3.13 a share, a year earlier.

Cubic restated earnings for the past three years, essentially boosting sales and profits while reducing its backlog of orders because the method it was using to recognize revenue on long-term contracts was deemed too conservative, said Thomas.

As a result, the company’s retained earnings rose by $26.9 million. It ended the year with a backlog or $2.8 billion – up about $50 million from the prior year.

The company expects tougher sledding in 2013. Its defense business could confront headwinds from budget cuts. Moreover, its transportation arm – which makes fare gates and other electronic payment systems for some of the world’s largest mass transit agencies – is starting large projects in Sydney, Vancouver and Chicago, which could squeeze profit margins until the upgrades are operational.

Cubic’s cautious outlook comes as it prepares for a secondary stock sale. Heirs of Founder and Chief Executive Walter J. Zable – who died in June at age 97 after running the company for six decades – plan to sell shares to pay estate taxes. At the time of his death, Zable owned nearly 40 percent of Cubic’s stock. The timing and size of the offering have not been determined.

Cubic’s shares closed down 5 percent Monday at $46.25 on the New York Stock Exchange.